Peace Is Profitable

Most discussions about the costs of war focus on two numbers: the cost in dollars and cents and the more profound and heartbreaking cost in lives. Yet even as depressing as these numbers are, the figures discussed rarely encompass the whole truth. Over many generations those in power have learned there are benefits to keeping … Continue reading “Peace Is Profitable”

Spending Other People’s Money Usually Leads to Bad Results

A new ABC News/Washington Post poll shows that 80 percent of Americans are dissatisfied with the way their government works and 31 percent are angry about it, an all-time high. It doesn’t take a rocket scientist to see that the central problem with government is simple: Government officials spend other people’s resources and not their … Continue reading “Spending Other People’s Money Usually Leads to Bad Results”

Adm. Mullen’s Spinning vs. Prof. Hayek’s Insight

Introduction In 1945, the flagship journal of the American Economic Review published one of the ten most important economics articles of the 20th century. Entitled “The Use of Knowledge in Society,” it was written by an Austrian economist named Friedrich Hayek. I deal with this article in every economics course I teach. (For the notes … Continue reading “Adm. Mullen’s Spinning vs. Prof. Hayek’s Insight”

Yet Another Energy and National Security Myth (a project of recently launched a $2 million television campaign supporting the Clean Energy and American Power Act. In all, there are eight television ads that essentially claim that oil money finances terrorism and that we need to wean ourselves off of foreign oil to be more safe and secure. (The red herring … Continue reading “Yet Another Energy and National Security Myth”